The Credit Card Competition Act of 2026 (S. 3623 / H.R. 7035) is gaining momentum in Washington as President Trump calls for its passage. The legislation would require the largest credit card issuers to enable at least two unaffiliated payment networks, including one other than Visa or Mastercard. Supporters argue that increased competition would lower processing fees for merchants.

New Congressional Support: In August, the Senate bill gained three new cosponsors: Sens. Bernie Moreno (R-OH), Cynthia Lummis (R-WY) and Angus King (I-ME). Moreno and Lummis serve on the Senate Banking Committee. In the House, Rep. Tony Wied (R-WI-8) joined as a cosponsor on September 15, bringing the bill’s total to nine House supporters. The legislation remains in committee. 

Why It Matters to Lumber Dealers: Credit card processing fees are a significant operating expense for independent lumberyards, cutting into margins and contributing to costs for contractors and customers. ABMA supports efforts to address these fees and ensure independent dealers have a voice in the debate.

Industry Opposition: The Kansas Bankers Association has joined an approximately $1 million advertising campaign targeting Sen. Roger Marshall (R-KS), the bill’s lead Senate sponsor. Credit unions are also mobilizing members against the legislation, citing concerns about payment security and credit card rewards.

What to Watch: Supporters may seek opportunities to advance the bill through larger legislative packages before the end of the year. ABMA will continue monitoring cosponsors, congressional activity and industry opposition while advocating for policies that reduce costs for independent lumber and building material dealers.